Title
Amending Chapter 16-400 ("Vacant and Surplus Properties") to provide for the transfer of certain City-owned real estate for nominal or less than fair market consideration for the purpose of encouraging projects that create affordable housing and/or jobs for low and moderate income residents; all under certain terms and conditions.
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THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 16-400 of The Philadelphia Code is amended to read as follows:
CHAPTER 16-400. VACANT AND SURPLUS PROPERTIES
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ยง 16-407. Use of Property Transfers for Nominal or Less than Fair Market Consideration to Stimulate Affordable Housing and Job Creation.
(1) For purposes of this Section, the following terms have the following meanings:
(a) "Qualifying Property." City-owned vacant or surplus property that the City transfers for nominal consideration to a City-related Agency so that the property can be developed as an Affordable Housing Project or Job Creation Project, as those terms are defined herein.
(b) "Affordable Housing Project." A project that has qualified for financial incentives through a federal, state, or local program based on the developer's commitment to construct the amount and type of affordable housing units required by the program.
(.1) "Affordable Housing." As defined by the program through which the developer has obtained the financial incentives.
(c) "Job Creation Project." A project that has qualified for financial incentives through a federal, state, or local program based on the developer's commitment to create or retain jobs, for persons who are of low and moderate income, of the type, number and duration required by the program.
(.1) "Person of low and moderate income." As defined by the program through which the developer has obtained the financial incentives.
(d) "City-related Agency." All authorities and quasi-public corporations that either: receive appropriations ...
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